Bitcoin (BTC) may fall 20% from all-time highs, but this is a great opportunity to “buy the fall,” analysts say.
Black Friday lives up to its cryptocurrency name this year, as Bitcoin and many altcoins are traded at a six-week low level.
Worried about $ 53,000
BTC / USD is trading at around $ 54,000 after overnight sales caused by the fall in the US dollar and macro markets shaken by the new coronavirus variant.
While the mainstream media highlights the downturn, others are far from concerned – today’s prices may represent a great opportunity to enter.
Others ridiculed an unusual Bloomberg article which initially said that bitcoin “went into a bear market”.
When it comes to short-term goals, popular trader and podcast host Scott Melker warned against joining the pack, expecting lower purchase levels.
“It looks like we all want to see 53K, which usually means we are moving fast towards 53.5K or direct nuclear power prices and we are HFSP,” he tweeted.
“Audiences rarely get what they want.”
As a sign that the sale is unlikely to end yet, stock market prices remain high despite a 24-hour settlement approaching $ 700 million.
Bitcoin finance price chart. Source: Coinglass
Do you remember the last Black Friday?
Meanwhile, Melker also noted an unusual relationship between the US dollar and bitcoin due to viral shake-up.
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As the Cointelegraph often points out, Bitcoin tends to be inversely correlated with the US dollar, with the latter having a long winning streak on Friday.
The largest cryptocurrency not only contributed to the strengthening of Bitcoin, but also fell in both macro markets and the US Dollar Index (DXY).
Offsetting further Bitcoin losses is a large $ 53,000 buyer support block – roughly the same area as Bitcoin’s market value of $ 1 trillion.
Meanwhile, the historical data serves as a timely reminder that Black Friday trading is a common feature of Bitcoin.
At the end of November 2020, the BTC / USD pair fell to around $ 16,400, then moved on to transactions, exceeding $ 20,000 for the first time in three years.